Chief Executive Officer Cheeky Scientist
Join Isaiah as he presents 4 Business Terms That Will Show Employers You’re Not Just An Academic PhD, But A Valuable Industry Candidate
Here’s a quick rundown of this week’s episode…
- First, Isaiah explains why you need to learn the language of industry if you want to be taken seriously as a job candidate
- Next, Isaiah defines the first two powerful business terms: corporate strategy and industry hierarchy
- Finally, Isaiah defines the last two powerful business terms: organizational behavior and mergers and acquisitions
From This Week’s Show…
Why You Need To Master Common Business Terms If You Want To Transition Successfully
Every area of academic research has its own unique language – a language that includes nuanced jargon and technical terms that you, as a PhD, had to learn in order to gain recognition in your chosen field.
Academia is not the only place where you’re required to learn a new language to succeed.
To be successful in industry, you have to demonstrate that you understand not only the science, but also the business side of things. And just like in academia, you’ll gain more traction if you can speak the language.
Showing employers that you’re capable of more than just basic research will increase your chances of getting a management position.
Two Business Terms You Should Master
A company needs to identify the competitive forces that impact them and create strategies around these forces.
The forces you should be aware of include: the threat of substitute products, current competitors, and new entrants; and the bargaining power of suppliers and buyers.
It’s common to encounter questions regarding corporate strategy during your interview. This is the employer’s way of assessing your knowledge of the company and the company’s competition.
Coming from academia, the term hierarchy may be somewhat foreign to you. But in a company with hundreds – if not thousands – of employees, hierarchical structures are necessary.
By gaining an understanding of a company’s hierarchy before your interview, you’ll be able to walk in already knowing where the job you’re applying for fits into the company structure.
This is where having a connection within the company is helpful; they’ll be able to tell you about the company structure.
Two Additional Business Terms To Master
The study of organizational behavior focuses on how businesses are structured and how people interact within those organizations.
Having an idea of how people interact with each other at the company helps you understand how you should interact with company employees.
During your interview, ask about how different departments interact with each other. This will show them that you understand business structures and provide you with valuable insights.
Mergers and acquisitions
Mergers is where two companies of similar size merge into one larger company. On the other hand, an acquisition is when a company buys another company.
Mergers are typically amicable and beneficial to both parties, while acquisitions can be hostile – it’s good to know if the position is open due to a recent merger or acquisition.
This information is open to the public so you should be able to find out if this is the case with a simple web search.
If you’re ready to start your transition into industry, you can apply to book a free Transition Call with our founder Isaiah Hankel, PhD or one of our Transition Specialists. Apply to book a Transition Call here.